Bank of America yesterday settled with the Securities and Exchange Commission, the Internal Revenue Service, the Federal Reserve, 20 state attorneys general and other regulators over charges of rigging bids for investments in municipal securities, agreeing to pay $137m (€103m) to authorities.

"The conduct was egregious - in return for business, the company repeatedly paid undisclosed gratuitous payments and kickbacks and affirmatively misrepresented that the bidding process was proper," said Robert Khuzami, SEC director of enforcement.